Education Loan for MBBS Students

The process is simple, like other education loans. First, you figure out your financial needs and strengths well. To approve the education loan for MBBS studies, banks and NBFCs take around 3 to 4 weeks. It is suggested to do a comparison between different study loan schemes and select the best one which suits your needs.

You want to be a doctor, but the tuition fee is so expensive. Every year, many students apply for MBBS abroad and in India. Students and their parents need a huge budget to cover the cost of an MBBS degree, including tuition fees, accommodation, and travel costs. Many banks in India offer an education loan for MBBS studies in India or abroad.

Study loan helps students to pay the expenses without being financially stressed. So, if you are a student who wants to pursue MBBS with the help of education loans, then this article is helpful for you. This guide will help you to know who is eligible, the application process, and a list of documents.

Importance of Education Loan for MBBS Abroad

The cost of studying MBBS abroad is much less than in India. While government medical colleges in India are affordable, private MBBS programs can require a budget of around INR 1 crore or more. If you are lucky enough to get a seat in a government medical college, then it’s good, otherwise, pursuing MBBS abroad is another option.  

Russia, Georgia, Philippines are some of the cheapest countries to study MBBS abroad. You need a budget between INR 25 lakhs to INR 70 lakhs to pursue MBBS here. This depends on university type. This is true that many students do not have that amount of money, so they knock at the door of banks to borrow an education loan for MBBS studies.

Not taking an education loan for MBBS? Here’s what you could be missing out on:

1. No Financial Stress, Just MBBS Studies: The banks or NBFCs will cover the entire cost of your higher education. So, you can focus on your MBBS studies.
2. Flexible Repayment: Start repaying the education loan only after your course finishes. Banks and NBFCs offer time up to 15 years for repaying the loan amount.
3. Get Tax Benefits: Till the time you repay the loan amount, you can claim deductions under income tax.
4. Education Loan Without Collateral: Many lenders offer unsecured loans for MBBS abroad, so you may not need to pledge property.
5. Loans Available for MBBS Abroad or India: Choose to study at top colleges in India or abroad, your education loan supports both.
6. Build your credit score: Timely repayment of study loans helps create a positive credit record for your financial future.

Related Read:

• Advantages of Studying MBBS Abroad
• Best Countries to Study MBBS Abroad

Top Education Loan Providers in India

SBI, ICICI Bank, and Credila Financial Services are some popular NBFCs and banks which offer an education loan for MBBS. No matter, you want to study in India or abroad, your expenses will be covered under this loan. These institutions offer a mix of collateral and non collateral loan options, with flexibility to suit student needs.

For example, the SBI education loan for MBBS students is highly popular due to competitive interest rates and relaxed repayment terms. Students prefer government education loan schemes due to lower interest rates than other lenders. If you have secured your admission in top medical universities, then most lenders will let you borrow education loan without collateral.

Here are the top banks which offer student loans for MBBS studies:

Other than this, students can explore the schemes of other banks also. Here are the top NBFCs which offer student loans for MBBS studies:

Eligibility for Education Loan for MBBS

Here are point wise eligibility to get education loan for MBBS studies:

Documents Required: Education Loan for MBBS

You now have a clear idea about the eligibility and importance of a student loan to cover tuition fees and other expenses for pursuing MBBS in India or abroad. Now, let’s know which are the important documents required for education loan:

Steps to Apply for Education Loan

Now, here we are in the final stage of this article. How to apply? The process is simple, like other education loans. You understand your financial needs well and how much money you need. The application process begins with exploring different study loan schemes. Do a comparison and select the best one which suits your needs. Now, the next steps are:

• Eligibility Check: Make sure that you are eligible to apply for the selected education loan.
• Documents Check: List down all the required documents for education loan and make sure you have all of them at the time of applying for it.
• Application Process: You can visit any branch of the bank or apply through the website. Mostly, students prefer the online application process for the Loan.
• Processing Time and Approval: Banks and NBFCs take around 15 to 30 days as processing time. The banks and NBFCs review or verify your application and all documents. Once everything is okay, you will get your approval.
• Disbursement: The final amount will be directly disbursed into your Account when approved.

This is all about student loan for MBBS studies in India and abroad. Want expert guidance regarding your loan query? Contact India’s leading education loan providers through Shiksha Study Abroad for more queries. Do write to us in the comments below. Or request a call back from our Shiksha Study Abroad Counselling Services.